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Ridgewood residents spend over 18% less on car ownership each month: report

Oct. 17, 2023 By Ethan Marshall

According to a report from doxo, the average household in Ridgewood spends 18.2% less on car ownership each month than the national average. While the average cost in the United States is $674, it is just $551 in Ridgewood.

When it comes to expenses on auto insurance, Ridgewood households pay an average of $65 per month. This is significantly lower than the national average of $207. However, Ridgewood residents do pay more when it comes to auto loans. With an average expense of $486 per month, Ridgewood residents pay 4.1% more than the national average of $467.

This lower rate of spending for car ownership comes as the national cost for car ownership has increased 7% year-over-year to $6,184 per year ($515.33 a month). Supply chain issues brought on by the COVID-19 pandemic, along with interest rate hikes and inflation have combined to make it more expensive than ever to own a car.

Despite the lower amount of spending when it comes to car ownership, the total amount of household bills as a whole per year in Ridgewood are 31.6% higher than the national average. Homeowners there spend $2,693 per month on bills, higher than the national average of $2,046. The two biggest contributing factors to this difference are mortgage and rent bills.

Mortgages account for 19% of monthly bills. According to the report, the average monthly mortgage in Ridgewood is $2,818. This is more than double the national average of $1,321.

While not nearly as drastic as mortgages, there is still a large difference when it comes to the monthly cost of rent in Ridgewood and the national average. In Ridgewood, the average cost was determined to be $1,697. The national average is $1,191. Rent accounts for 43% of total monthly bills.

Overall, it was determined that Ridgewood placed 133rd in cities across New York State with the largest household expenses. With 245 total cities examined, this puts it near the middle.

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